Copper prices down on lower China imports

Metals prices were lower again Tuesday.

December copper was down 5 cents to $3.09 per pound in New York after going as low as $3.02 earlier in the session, it’s lowest price in 8 months, while three-month copper dropped $60 to $6,870 per tonne in London.

Prices were down on a gain of 975 tonnes in London Metal Exchange inventories, new data that showed imports into China were down 3.4 percent in August from the same period last year, and news that output in Zambia was up 20 percent in the first half of the year compared to the same period in 2008.

Precious metals prices also fell, with December gold down $6.50 to $780.50 per troy ounce in New York while Decmeber silver fell 62 cents to $10.52 per troy ounce and October platinum dropped $107.70 to $1,068.50 per troy ounce.